Wealth mgmt firm Neo Group raises Rs 400 cr by Japan's MUFG, Euclidean Capita

Wealth and Asset Management firm Neo Group on Monday said it has raised Rs 400 crore in its latest funding round led by Japan's MUFG Bank and New York-based Euclidean Capital LLC. Peak XV Partners, formerly known as Sequoia India, which had invested USD 35 million in October 2023, also participated in this round.

The fund will be used to expand Neo's wealth management division and enhance sponsor support for its asset management business, the company said in a statement."This capital takes our equity base to Rs 1,000 crore and marks a fantastic close to all equity fundraising requirements in NIVA," Nitin Jain, Chairman & Managing Director of Neo Wealth and Asset Management, said.

Launched in 2021, Neo is a new-age, focused wealth and asset management catering to high-net-worth individuals (HNIs), ultra-high-net-worth individuals (UHNIs), and multi-family offices